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Vietnam’s seafood exports set a record

Vietnam’s seafood exports set a record

Friday 11, 11 2022
Vietnam is currently the world’s third-largest seafood exporter, behind China and Norway, and is expected to account for over 7% of the global seafood trade market share in 2022.

A boost from pangasius exports

According to VASEP, until the end of October 2022, Vietnam’s pangasius exports have brought the country about 2.2 billion USD, an increase of 80% over the same period in 2021. It is estimated that Vietnam’s total pangasius exports in 2022 will reach over 2.5 billion USD, up 58% over 2021.

Vietnamcredit Vietnam pangasius exports

China has remained Vietnam’s top pangasius importer since 2020, claiming the spot from the US. Compared to other import markets of Vietnamese pangasius, China has always maintained the highest growth, with sales increasing more than 2 times over the same period in 2021.

In the first 10 months of 2022, Vietnam’s pangasius exports to China reached about 64.2 million USD, up 105% over the same period in 2021.

Since the beginning of the year, Vietnam has had more than 400 enterprises exporting pangasius to the Chinese market.

The leading enterprises in this market include Vinh Hoan Corporation, accounting for over 16% of pangasius turnover to China, Bien Dong Company Limited accounting for nearly 6%, Van Duc Tien Giang Food Export Company, Nam Viet Joint Stock Company, and I.D.I International Development and Investment Corporation accounted for 5%, etc.

Dai Thanh Seafoods, Godaco Seafood Joint Stock Company, Truong Giang Seafood Joint Stock Company, Cadovimex II Seafood Import Export and Processing Joint Stock Company, and NTSF Seafood Joint Stock Company are also among the name of the top 10 pangasius exporters to China.

China recently announced that they are not yet intended to ease the Zero Covid policy. Therefore, restoring trade with China to the pre-pandemic level would be an uncertain task for now.

Vietnamcredit Zero Covid policy

However, the regulations on testing for Covid-19 in imported goods have also been relaxed since July 2022. Therefore, opportunities for Vietnamese seafood to promote export turnover to the Chinese market continue to open. China will continue to be the primary and potential market for Vietnamese pangasius products this year and next.

Vietnam becomes the third-biggest seafood exporter

Aside from pangasius, the export of many other Vietnamese aquatic products also increased. By the end of October 2022, Vietnam’s shrimp exports reached nearly 3.8 billion USD, up 19%.

Shrimp exports in 2022 are expected to reach over 4.4 billion USD, up 14% compared to 2021. The main products exported are white leg shrimp, accounting for 75% with over 3.2 billion USD; black tiger shrimp accounted for about 13% with nearly 1.5 billion USD.

Vietnamcredit Shrimp exports

Vietnam’s tuna exports by the end of October were estimated at 890 million USD, up 50% over the same period in 2021. In 2022, for the first time, tuna will become an export industry of over 1 billion USD in turnover.

As of October 2022, Vietnam’s exported squid and octopus have achieved sales of 625 million USD, up 32%. It is estimated that in 2022, the export of this product will reach 734 million USD, up 22% compared to 2021.

VASEP forecasted that with the achieved results, by mid-November, Vietnam's seafood exports will reach more than 10 billion USD - a record for Vietnam's seafood industry after more than 20 years of participating in the world market.

According to VASEP, in 2022, it is estimated that the seafood industry will account for 3% of Vietnam's total merchandise exports. Compared to the total export turnover of the domestic economic sector, the fisheries sector contributes nearly 12% of the value.

Vietnam is currently the third largest seafood exporter, just behind China and Norway - two superpowers with much larger land and water surface areas than Vietnam. With the results of 2022, it is estimated that Vietnamese seafood will account for over 7% market share worldwide.

 

Source: vneconomy

Compiled by VietnamCredit

 

 

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